BUSINESS & PARTNERS

IFEZ NEWS

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IFEZ Global Committee Conference Held

The IFEZ held the IFEZ Global Committee Conference at Songdo ConvensiA on November 29, 2019. The IFEZ Global Committee Conference is a communication channel where citizens are invited to discuss major administrative agenda issues, policies, and visions. At this conference, the IFEZ and citizens discussed and shared updates on the present status and operation plans of the ongoing projects within the city. The Global Citizens’ Council consists of 79 citizens from Songdo, Yeongjong, and Cheongna International Cities, along with city and ward councilors for local constituencies, experts, and foreigners. It is organized into a General Council and three Regional Subcommittees: the General Council discusses issues shared by Songdo, Yeongjong, and Cheongna, such as overall policies, visions, and so on; the Regional Subcommittees deal with regional agendas that are of particular interest to citizens. The General Council meets twice a year, while the Regional Subcommittees meet quarterly, in principle, though this schedule is flexible, depending on the agendas.

IFEZ’s Strategic Transformation to Trigger Activated Investments

The IFEZ has initiated a strategic transformation to induce activated investments in the Incheon area. Centering around anchor businesses for Fourth Industrial Revolution Industries, such as Samsung BioLogics and Celltrion in the bio field, and Mando Hella, Kyungshin, Otis, and Mitsubishi Elevator Korea in parts materials, the IFEZ plans to converge small-and-medium venture businesses into a High-tech Industrial Cluster. Starting with Hana Finance Town as its base, it will attract investments from Korean and international finance corporations to build Cheongna International City into an international financial business center. Meanwhile, in Yeongjong International City, it will converge integrated resort in order to generate new jobs and elevate added value in the Incheon area.

IFEZ Briquette Sharing Volunteer Work

On November 8, 2019, the IFEZ and business corporations residing in the IFEZ engaged in Briquette Sharing Volunteer Work to help their underprivileged neighbors stay warm during the winter months. With its roots dating back to 2013, Briquette Sharing Volunteer Work has now enjoyed its seventh round of practice in 2019, having delivered over 250,000 ‘briquettes of love’ in total, as of 2018. Over 100 people, including Lee Won Jae, Commissioner of the Incheon Free Economic Zone Authority, and IFEZ staff members, along with members from nine IFEZ resident companies, including Samsung BioLogics and Innertron, delivered over 3,000 briquettes on A-frame carriers mounted on their backs to low-income families and solitary seniors living along Haetgol-gil in Michuhol-gu, Incheon.

IFEZ Development Advisory Committee’s Renewed Launch

With the mission of advising the IFEZ on its advancement towards becoming a global city, the Development Advisory Committee has been launched anew. On November 25, 2019, the IFEZ held an IFEZ Development Advisory Committee meeting where key leaders were appointed: 31 professionals from diverse fields were appointed as Advisors, while Lee Hwan-gyun, the first IFEZ Commissioner, was appointed Chairperson and Hyun Jeong Kim, Professor of the College of Business Administration at Inha University, was appointed Vice Chairperson. At this meeting, the former single-Subcommittee organization was compartmentalized into four Subcommittees, and the number of Advisors experienced a drastic increase from 10 to 31. The IFEZ Development Advisory Committee will play the role of providing general advisory services on mid- and long-term developmental strategies, legislative improvements, development, and attracting investments.

Basic Plan Completed for Infrastructure Construction in Songdo’s Zone 11-1

A basic plan has been finalized for the construction of infrastructure in Zone 11-1 of Songdo International City. Based on this basic plan, the IFEZ completed a comprehensive review in terms of the construction analysis, economic feasibility, maintenance, and management for each component of the infrastructure. According to the review, the IFEZ then established a detailed construction plan that included specifics on the scope, cost, and construction period, along with a general scenery plan for the entire zone. Following the purchase of the property for Songdo’s Zone 11-1 in 2016, a basic working design plan had been in progress since 2017 in terms of infrastructure construction: roads, bridges, a reservoir, and common ducts. Songdo’s Zone 11 will house a High-tech Industrial Cluster for industrial and research facilities, as well as residential houses alongside commercial and neighborhood facilities and public facilities set for development.

Second Feasibility Study Completed for Songdo’s Waterfront Zone 1-2

The second feasibility study on Songdo’s Waterfront Zone 1-2 has been completed. For this, a study was conducted by the Korea Research Institute for Local Administration (KRILA), outsourced by the IFEZ in March 2019. With its completion, an investigation will be conducted by the local government’s Investment Appraisal Committee, followed by working design outsourcing. Construction is then expected to begin in the latter half of 2021. The second feasibility study was completed over an approximately 10 km area from Songdo’s Zone 6 to Aam Lake up to the northern canal, and it looked at water quality and hydrophile fields. The test made an additional investigation on the Great Train eXpress-B (GTX-B), which had passed a preliminary feasibility study in August 2019, as well.

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